By Malvika Gurung
Investing.com -- About a fortnight after the investing platform TPG Rise Climate announced plans to invest $996,390 (almost $1 billion) or Rs 7,500 crore in the ‘electric vehicle’ segment of Tata Motors (NS: TAMO ), which translates to a valuation of up to $9.1 billion, the Indian automotive major Tata Motors has announced launching 10 new electric vehicles over the next four years.
To materialize the event, the automotive giant will invest up to $2 billion or Rs 15,000 crore in its EV segment and expects to generate 20% sales solely from these green vehicles in the upcoming 4-5 years.
Currently, with only two electric vehicles offered in the market, namely Nexon and Tigor, Tata Motors leads the market with a 70% stake in the Indian EV space.
While the upcoming 10 EVs to be launched by TaMo will be a mix of cars and SUVs and some of the products would be an electric version of its existing petrol/diesel products, as stated by TOI, the automaker ensures that the mix would include all-new ‘electric only’ products too, which would be exclusively developed EVs.
Backed on the increasing popularity of electric vehicles in the country, in conjunction with benefit programmes launched by central and state governments to promote green vehicles, Tata Motors estimates the demand for EVs to go up.
TaMo’s two EV offerings currently garner about 3,000 to 3,500 units a month.
The Mumbai-based automaker’s announcement on investing up to $2 billion in launching 10 EVs in India, comes in line with billionaire Elon Musk’s Tesla Inc (NASDAQ: TSLA ) stock hitting the $1 trillion mark after landing the biggest-ever order of 100,000 electric vehicles from car rental company Hertz.
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